A Business at a Glance
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CHIPOTLE MEXICAN GRILL INC
CMG
$42.8B
Mkt Cap
$31.79
-0.69%
CHIPOTLE MEXICAN GRILL INC (CMG) has a current P/E ratio of 27.9, compared to its historical median P/E of 53.0. The stock is currently considered Cheap based on its historical valuation range.
CHIPOTLE MEXICAN GRILL INC (CMG) has a 5-year average return on invested capital (ROIC) of 68.4%. This indicates strong capital allocation and a potential competitive advantage.
CHIPOTLE MEXICAN GRILL INC (CMG) has a market capitalization of $40.9B. It is classified as a large-cap stock.
CHIPOTLE MEXICAN GRILL INC (CMG) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.29%.
Based on historical P/E analysis, CHIPOTLE MEXICAN GRILL INC (CMG) appears cheap. The current P/E of 27.9 is 47% below its historical median of 53.0. The estimated fair value CAGR (P/E method) is 36.4%.
CHIPOTLE MEXICAN GRILL INC (CMG) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
Chipotle Mexican Grill owns and operates fast-casual restaurants serving burritos, burrito bowls, quesadillas, tacos, and salads made with responsibly sourced, classically cooked real food without artificial colors, flavors, or preservatives. As of December 31, 2025, the company operated 3,938 company-owned restaurants in the United States and 104 international restaurants, plus 14 partner-operated restaurants, generating revenue primarily from restaurant sales. The business model emphasizes high-quality ingredients sourced from carefully selected suppliers adhering to Food with Integrity standards, with multiple regional distribution centers managing supply chains to mitigate pricing volatility and supply risks. Digital sales, including orders through the Chipotle website, app, and third-party delivery aggregators, represented 36.7% of food and beverage revenue in 2025, with the company investing in Chipotlanes (drive-through pickup for digital orders) and technology modernization to enhance guest and team member experience. The company's competitive differentiation rests on its commitment to food safety, culinary excellence, and operational consistency, supported by a Food Safety Advisory Council of independent experts, rigorous supplier audits, and advanced traceability systems. Chipotle serves a broad consumer base across the United States and select international markets, with a workforce of 130,301 employees globally, and pursues growth through new restaurant openings, menu innovation, rewards program enhancements, and international expansion via company-owned and partner-operated models.
【Recipe for Growth gaining traction】 Management is executing a five-pillar strategy focused on operational and culinary excellence, menu innovation with limited-time offerings, technology modernization including AI-powered tools and a relaunched rewards program, international expansion through partner-operated restaurants in new markets, and talent cultivation. The company is rolling out high-efficiency equipment packages to improve consistency and labor productivity, with approximately 2,000 restaurants expected to have the full package by year-end 2026, and anticipates completing the rollout across all existing locations within three years. Management expects comparable sales to be approximately flat for full-year 2026 while maintaining a disciplined pricing approach of 1%-2% to balance inflation pressures and guest value, with pricing expected to narrow its gap to inflation throughout the year. The company remains confident in driving transaction growth through initiatives including menu innovation, rewards engagement, and restaurant execution improvements, with management targeting mid-single-digit comparable sales growth and surpassing $4 million in average unit volumes over the longer term.
| Metric | Target | Period |
|---|---|---|
| Comparable restaurant sales | approximately flat | FY2026 |
| Pricing | 1%-2% | FY2026 |
| Cost of sales inflation | mid-single digit range | FY2026 |
| New restaurant openings | around 350 | FY2026 |
| Effective tax rate | 24%-26% | FY2026 |
| Depreciation | around 3% of sales | FY2026 |
Comparable restaurant sales (FY2026): “As we move into 2026, we anticipate our full-year comparable restaurant sales to be about flat.”
Pricing (FY2026): “I expect the full-year impact to be about 1%-2%.”
Cost of sales inflation (FY2026): “This results in full-year cost of sales inflation in the mid-single digit range.”
New restaurant openings (FY2026): “In the U.S. and Canada, we opened 49 new restaurants in the first quarter and remain on track to open around 350 for the full year”
Effective tax rate (FY2026): “For fiscal 2026, we continue to expect our underlying effective tax rate to be in the 24%-26% range, though it may vary based on discrete items.”
Depreciation (FY2026): “For 2026, we expect it to remain around 3% of sales.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.1B | 11.9B | 11.3B | 9.9B | 8.6B | 7.5B |
| Net Income | 1.5B | 1.5B | 1.5B | 1.2B | 899M | 653M |
| EPS | $1.10 | $1.14 | $1.11 | $0.02 | $0.01 | $0.46 |
| Free Cash Flow | 1.5B | 1.4B | 1.5B | 1.2B | 844M | 840M |
| ROIC | 91.5% | 73.7% | 73.1% | 73.0% | 65.7% | 56.5% |
| Gross Margin | - | 24.7% | 26.1% | 25.4% | 23.3% | 22.1% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.9B | 1.9B | 1.9B | 1.6B | 1.2B | 805M |
| Operating Margin | 15.3% | 16.2% | 16.9% | 15.8% | 13.4% | 10.7% |
| ROE | 60.3% | 47.4% | 45.7% | 45.3% | 38.5% | 30.2% |
| Shares Outstanding | 1,287M | 1,347M | 1,382M | 69,030M | 70,242M | 1,426M |
CHIPOTLE MEXICAN GRILL INC passes 8 of 9 quality checks, indicating strong fundamentals.
CHIPOTLE MEXICAN GRILL INC trades at 27.9x trailing earnings, compared to its 15-year median P/E of 53.0x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 28.6x vs a median of 45.5x. The company's 5-year average ROIC is 68.4% with a gross margin of 24.3%. Total shareholder yield (buybacks) is 6.3%. At current prices, the estimated annualized return to fair value is +31.8%.
CHIPOTLE MEXICAN GRILL INC (CMG) reported annual revenue of $11.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
CHIPOTLE MEXICAN GRILL INC (CMG) has a net profit margin of 12.9%. This is a healthy margin.
CHIPOTLE MEXICAN GRILL INC (CMG) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CHIPOTLE MEXICAN GRILL INC (CMG) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
CHIPOTLE MEXICAN GRILL INC (CMG) reported earnings per share (EPS) of $1.14 in its most recent fiscal year.
CHIPOTLE MEXICAN GRILL INC (CMG) has a return on equity (ROE) of 47.4%. This indicates the company generates strong returns for shareholders.
CHIPOTLE MEXICAN GRILL INC (CMG) has a 5-year average gross margin of 24.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for CHIPOTLE MEXICAN GRILL INC (CMG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CHIPOTLE MEXICAN GRILL INC (CMG) has a book value per share of $2.10, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a five-pillar strategy focused on operational and culinary excellence, menu innovation with limited-time offerings, technology modernization including AI-powered tools and a relaunched rewards program, international expansion through partner-operated restaurants in new markets, and talent cultivation. The company is rolling out high-efficiency equipment packages to improve consistency and labor productivity, with approximately 2,000 restaurants expected to have the full package by year-end 2026, and anticipates completing the rollout across all existing locations within three years. Management expects comparable sales to be approximately flat for full-year 2026 while maintaining a disciplined pricing approach of 1%-2% to balance inflation pressures and guest value, with pricing expected to narrow its gap to inflation throughout the year. The company remains confident in driving transaction growth through initiatives including menu innovation, rewards engagement, and restaurant execution improvements, with management targeting mid-single-digit comparable sales growth and surpassing $4 million in average unit volumes over the longer term.
Based on recent SEC filings and earnings calls, CHIPOTLE MEXICAN GRILL INC (CMG) has provided the following forward guidance: Comparable restaurant sales: approximately flat (FY2026); Pricing: 1%-2% (FY2026); Cost of sales inflation: mid-single digit range (FY2026); New restaurant openings: around 350 (FY2026); Effective tax rate: 24%-26% (FY2026), plus 1 additional metric.